HomeMy WebLinkAbout2927Eio~rowe~ and l.ender covenent and agree as follows: •
l. Payment of Principal and Interest. Borrower ahali promptiy pay when due the principal of and intereat u~ the indebtedneae
evidenced by the Nott, prepayment and late cha~gea as provided in the Note, and the principal of and intereet on any Future Advancee secured
dy this Mortgage.
2. ~nde forTa:es end Ineurance. Subject to applicable law or to a~writtrn waiver by I.ender, Horruwer shali pHy tol.enderun theday
monthly inatallmenta of principal and intereat are payable under the Nute, until the Note is paid in full, a sum Iherein "N unds") eyual to one
twelfth of the yearly taxes and asaeasmente which may attain prionty over thie Mortgage, and ground rents on the Property, if any, plus one
twelRh of yearly premium installmrnts for hazard insurance, plus unPtwelfth ofyearly premium instaliments for mortgage insurance, if any,
all as reasonably eatimated initially and from time to time by l.ender on the bas~s of assessments und bills t~nd ~easonable estim:ites thereof.
The Funda shall be held in an institution the depoaiw or accounts of which are insured or guaranteed by a Federai or State agency
iincluding l.ender it t.ender ie auch an institution). l.ender ahal! apply the Funda to pay said taxes, asseaementa, insurance prrmiums and
ground rents. l.ender may not charge tor so holding and applying the Funds, analyzing said account, or verifying and compiling said
assesamenta and bilta, unlesa Lender paya Borrowe~ intereat on the Funds and appiicable law permits l.rnder to make auch a charkt. Borrower
and I.ender may agree in writing at the time of execution of thia Mortgage lhat interest on the Funda ahall be paid to Borrower, and unlese
auch agreement ie made or applicable-law requires aach intereat to be paid, l.ender ehall not be required to pay E3orrower any intereat or
earnings on the Funds. Lender ehall give to E3orruwe~, without charge, an annual accounting of the F unda showing credits and debils to the
Funde and the purpose for which each debit to the F unds v-•as made. "I'he F unda are pledged as additional aecurity tor the auma secured by thie
Mortgage.
If the amount oC the F unds held by I.ender, together with the future monthly instalfinents of Funds payable priur to the due datea of taxee,
aseessmenta, insurance premiums and grc,und rents, ahall excred the amount required to pa~~ said taxes, aa~ssmenta, insurance premiuma
and ground renta as they fall due, euch exceaa ahall be, at E3o~TOwer'a option, either prumptly reps~id to Horrower or credited to Horrower on
monthly inetallmenta of Funds. If the amount of the Funda held by Le~der shall not be sufficient W pay taxea, asaessmentss, insurance
premiama and ground renta ae they fall due, Aorrower ahalt pay to l.ender any amount necessary to make up the deficiency within :3~ days
from the date notice ia mailed by l.ender to fiorrower reyuestinK pa~•ment thereof.
Upon payment in full of all auma secured by this MuriKage, l.ender shall promptiy refund to Borrower any tunds held by [.endet. lf under
paragraph 18 hereof the Properiy is sold ur the F'roperly is otherwise acquired by (.ender, I.ender shall apply, no later `han immediately prior
to the aale of the Property or its acquisition by I.ender, any Funda held by I.ender at the time of application as a credit againat the sums secured
by tnis 111ortgage_
3. Applieation of Peymente. Unless applicat-le !aw pn~vides utherwise, all payments received by I.ender under the Note and
paragrapha I and 2 hereof ahall be appiied by l.ender first in oaymrnt of amuunts payable to t.endrr by E3orruK~er under paragraph 2 hereof,
then to intereat payable on the Note, then tu the principal of the :Vute, and then to ~nterest and pnncipal on any N uture Advances.
4_ Charges; l.iens. Borr~.. er aii~iii jr.iy dii i.~ara, a+ar+auiru[~ .~uu ~~ii~rr riu~rKr~. iu~rs ~nu im{-uaiiiuns .~unbutabir tu the Yroperty which
may attain a priority o~•er this MortKaKe, and leasrhuid p.i~•ments or Kruund rents, if .iny, ~n thr manner pro~~ided under paragraph'L hereof or,
if not paid in such manner, by Rorruw~er makinK payment, when due, d~n~c-tly tu the pa~-rr therruf. Kurruwrr shcil{ prumptly furnish to Ixnder
ail notices of amoun~ti dur undrr this par.~ti~,~ph, :~nd m thr r~•rnt lturn~.,er.hali makr payment du~~th•, li~~rrow•er shall prurnptly fumish to
I.ender receipts rv~dencing such paymrnt~ 13~~rruwer chall prumpth~ dis~•h:~rKe any lie•n v~•h~ch has priurity o~er tht. ~tortK.+ge; pruvided, that
Borrower shall not be reyuirc~d tu d,srhar~;r an~~ wch t~i•n su IunK .+s li~~rn~w•rr.hall:iKree in wnt-~K tu the pa~•mt•nt uf th~• ~~bliKation.ecured by
such lien in a manner acceptable t~~ Ixndrr, nr shall ~n K~Kx1 f:uth ~•~~ntrst wch ltrn b}•, ~~rdefend i•nfon•rm~•nt of sui•h I~rn ~n, 1eKa1 procerdinKs
which operate tu prevent the rnfurcement ~~f the l~rn ~~r f~~rf~•iturr nf the• f'rn{~•rt~~ ~~r an~• part thrr~~~f. •
~. Hazard Inaurancr. Rorrowrr shall krep thr ~mpruvrmrnts nuw• rx~sUng ur herraftererected un the Proprrty insured aKainst loss by
fire, hazards included within the term "rxte•ndE~l cov~•raKr." and ~uch u:her hazards as I.ender ma> reyu~re and in such amounts and for auch
peric~ds as I.ender map n~yuire; pro~•idctil, that l.endrr sh:+ll n~~t rrywrr that thr amuunt uf sunc ~~~vrraKe rxcE~d that .imuunt of coveraKe
required to pay the sums ~t~~urc~1 tzy thi. ~1urtK:iKr- •
The insurance c:~rri~•r pr~~~~~din~; thr ~n~ur.~n~~~• .h:ill b~• ~•h~~s~~n :~~~ linm~wer.~h~rct tn appru~:~l h~• Iw•niit•r. prucidr~l. th:~i wct~ :~ppruval
shall not br unrrasonahh~ w•ithh~•1~1. All pre•mwrn. ~~n in.ur.+m r~N~~i~~ir..hall IK• E,:ud ~n thr rn:inne•r pn~ctd:~l undrr paraKraph ~~ hert.~f ~~r. if
not pa~d in such manner. b>• li~,rr+~tc~•r mak~nK p.~y~mrnt, uhc;i clur. ~1sr+~ctlti ... ;~;, „~:~~,:n.r .3i~ir(
AU insurance policies and renrN•als thrreuf shall M• ~n furm accrptahlr Gr It•ndrr and shall ~ncludra standard murtKaKeclausein fa~•oruf
and in form acceptable tu l.ender. I.ender.hall ha~•r the nKht tu hi~ld the• {e~rh~•ieti and rrne~a•als thereof. ~ind Fiorruwer shall promptly furni~h tn
i.ender aU renev-a) noticrs and ail re~~etpts uf Faid prrmium~. In thr F~~•rr.t uf luas. K~~rn~K~er sh.ill Ki~•r prompt nuhce G~ the insurance carrier
and [.ender. I.ender may make pruuf uf luss i£ nut madr promptly try Iinrruw~er
Unless I.ender and Kunuw•er otherw~ist• :~xrrt• ~n wnt~nK, insura~ncr pr~x•rrds shall tx~ .ipplied tu reataration or rrp:~~r ~~f the E'ropert}•
damaged, pru~~dtd such resturatiun ur st•}~air ~~ tti~~~num~r:+ll~- (rasihlr and the se~c•unty of th~s :~1ortKaKe is not thrrebc impaired. If such
resWration or repair is not econumi~all~• ff•.~~~hlF~ ur sf thr sw-unt}• of this ~1~rrtraKe wuuld be i:npaired, the insurance pnK•reds shall beapplied
u~ the sumv securrd by th~s ~turtKaKe, w•~th thr rx~•rtis, ~f :~n>~. p.~id t~~ I;/1T[UN'Yf I II~1P I'ruperty is abanduned by BOR~1M'E'r, 1/~ If B11f~OVYP~ fall8 Ul
reypund to I.ender v-ithin :i~~ da~•~ fr:~m thr d:~tr n~~t~rr ~. m:+~1.~1 b~• I~~ndrr tu R~~rru;~•c•r that thr insurance camer ~,ffPrs tu st~ttle a cla~m for
insurance benefits, I.end.^r is authunzrd t~~ ~•~~Ilrct .~nd :+ppl~• thc• insur.~n. r pr~w-re•d~ .~t I,ender's oph~~n either to rFSturatton nr repa~r ~~f the
Yroperty or the sums secured by lhis ~1urtK:~Ke•.
Unlesa I.ender and &rrrnw•rr ~~tht•r~•isr aKrt~• ~n N~nt~nK.:iny such .~pplicadun uf pr~MC~ds tu pnncipal shaU no! extend or p~stpune thedue
date of the monthly installmentc rrfF•rred tn in par.~;tr.~ph. I:ind Y ht•rr~~f ur chanKe the amuunt of such ~nstallments. If under paragraph IH
hereof the Property is acquired by Iw~ndi•r, all riKht, titlt• and int~•rest nf liurruwer in and to any ~nsuranre policirs and in and to the proceeds
thereof resultinR from damaKe to Prnprrty priur to the salP ~~r a~yws~tion shall pa::s to I.ender tn the extent of thr sums secured b~• this
Murtgage immediately prior to such sale or acyuisiuun.
6. Preeervation and :4leintenance otProperty; lxasrholds; Condominuma; {'lanned Unit Uevelopments. F3orrowershall keep
the Property in ga~d repair and shall not cummit wa~tr nr permit impairmrnt ur dtrterioratiun of the Property and shall comply w~th the
procisions of any lease if this :11urtKaKe is on :i least•huld if th~s 11ortKaK~~ ic un a unit in a condominium or a planned unit development,
Rorrower shall perform aU of fi:~rn~wer's ubliKat~~~ns under thr dc~•larat~nn or ~ucPnantc ~rf :~un~; or Qocerning the condominium or planned
unit development, the by law•s and re~uiatiuns of th~ rundumin~um ur pl~nnrd unit development. and constituent documentg. If a
cuuduminium ur piannr~i uni~ i3r~•rlupment ncier i~ rxe•~~uttKi hp i~rrr:,wrr :~nd rrcordrd tuKether wuh this MortgaRe, the covenants and
agreemFnts of such ridrr shall lir -ncurp~~r:l~f•(~ IIIIU :1llf~ ~~l:f~~ am~~nd :1I111 supplrme•nt thf• cu~rn:~nt~5 and :iKrrrments uf this 11urLKage as ~f the
rider were a part hereof.
7. Protection of Lender'e Security. If Borrower taila tu perform the n»enante and aqreemente contained in thie Mortgage, or if any
action or proceeding ie commenced which matenally affectA I.ender'e ~nte~eet in the Proper:y, including, but not limited to, eminent domain,
ineolvency, code enforcement, or arrangemente or proceedinga involving a banlcrupt or decedent, then l.ender at I.ender'e option,upon
notice to Borrower may make euch appearancee, d~sburse auch sume and take euch action as ie neceaeary to protect Lender's intereat,
including, but not limited to, diebureement of reaeunable attorney's feea and entry upon the Property to make repaire. If I.ender required
mortgage ineurance as a condition of making the loan secured by this MortgaRe, Borrower ehall pay the premiuma required to meintain
auch ineurance in eftect until ench time ae the requirement for au~h ineurance terminatee in accordance with E{orrower'e and Lendei e
written agreement or applicable I.aw. Borrower ehall pay the amount of all mortKaqe insurance premiume in the manner provided under
paragraph 2 hereof.
Any amounta disbursed by I.ender pereuant to this paragrapt~ 7, w~th intereet thereon, ehall become additional indebtednese of
Borrower eecured by thie Mort.gage. Unlesa $orrower and Ipnder agree to other lerma o( payment, auch amounte ehall be payable upon
notice from I.ender to Borrower requeeting payment thereof, and ahall bear intereet from the date of diabursement at the rate payable from
time W time on outetanding principal under the I~ote unleaa payment of intereet at auch rate would be contrary W applicable law, in which
event such amounis ahall hear intereet at the higheet rate permisaible under applicable law. I~uthing contained in thie paragraph 7, ehall
require l.ender to incur any expenae or take any act~on hereunder.
d'l~~c~.h.i~. P~~E~.~2